SJ0014 102ND GENERAL ASSEMBLY

SJ0014 LRB102 14215 ECR 19567 r

SENATE JOINT RESOLUTION

WHEREAS, The ongoing COVID-19 pandemic has already resulted in trillions of dollars of long-term economic losses; and

WHEREAS, The Illinoisan business community is suffering from hundreds of millions of dollars of economic losses; and

WHEREAS, Pandemics pose a systemic risk to the insurance industry and the overall economy; the business interruption loss potential from viral pandemics far exceeds the capital, surplus, and premium resources of the private insurance industry, making pandemic risks uninsurable in the private market alone; and

WHEREAS, After a lengthy review of the challenges Illinois faces with regards to pandemic risk, The Business Interruption Insurance Task Force, including representatives from the insurance industry, the National Association of Mutual Insurance Companies, the American Property Casualty Insurance Association, the Illinois Insurance Association, the Illinois General Assembly, and the Department of Insurance, has developed a variety of recommendations for federal solutions; and

WHEREAS, The Illinois Congressional Delegation is doing incredible work on behalf of Illinois during this difficult time; and

WHEREAS, To address the immediate financial distress of businesses, we need another round of economic relief similar to the CARES Act to fund the Payment Protection Program and to provide additional aid to state governments for distribution to small businesses through state grant programs such as the Business Interruption Grant Program; and

WHEREAS, Illinois businesses deserve a viable option for pandemic-related revenue replacement when the next pandemic strikes, whether it is months or years from now; therefore, be it

RESOLVED, BY THE SENATE OF THE ONE HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF REPRESENTATIVES CONCURRING HEREIN, that it is in the best interest of Illinoisans that our congressional delegation act swiftly to support the passage and implementation of another round of economic relief to fund the Payment Protection Program and to provide additional aid to state governments for distribution to small businesses through state grant programs, such as the Business Interruption Grant Program; and be it further

RESOLVED, That it is in the best interest of Illinoisans that our congressional delegation act swiftly to support the passage and implementation of a broad-based federal solution that addresses pandemic risk for Illinois businesses; and be it further

RESOLVED, That we are committed to continuing to urge our congressional delegation to find ways to protect and educate our business consumers, while creating an environment where a vital and robust pandemic risk solution can emerge in Illinois; and be it further

RESOLVED, That suitable copies of this resolution be delivered to the President of the United States, the U.S. Senate Majority Leader, the U.S. Senate Minority Leader, the U.S. Speaker of the House, the U.S. House of Representatives Minority Leader, and all members of the Illinois Congressional Delegation.